According to a research report "Proposal Management Software Market major factors driving the growth include growing focus on developing groundbreaking smart products and factories, increasing need to build a product innovation platform to support proposal management software-enabled applications, and rising demand for cloud-based proposal management software solutions for scalability and secure IT infrastructure. Proposal Management Software Market by components (software and services), deployment types, organization size, verticals, and regions - Global Forecast to 2024" published by MarketsandMarkets. The proposal management software market size to grow from USD 1.5 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
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Based on component, the services segment is
likely to record a higher growth rate than the software segment during the
forecast period
By component, the services
segment is expected to grow at a higher rate than the software segment during
the forecast period. The services segment has a major influence on the proposal
management software market growth. The demand for services is increasing with
the growing adoption of proposal management software solutions by enterprises
across major application areas. Services are necessary for easy deployment,
integration, and proper functioning of the software. The services segment has
been further segmented into deployment & integration, consulting &
advisory services, and support & maintenance.
Among services, deployment & integration
segment to grow at a higher rate than the support & maintenance, and
consulting & advisory services segment during the forecast period
Deployment &
Integration services include infrastructure assessment and planning services,
interface design and development, and upgrade assistance, and real-time IT
support. These services help configure, test, and deploy proposal management
software and are essential for the efficient installation of proposal management
software within an organization’s existing infrastructure.
Vendors offer services that evaluate
the complete project life cycle and cover all phases of software
implementation, right from planning and deployment to support. They also
include software integration with legacy systems that enable rapid deployment.
Once the software is configured, thorough user acceptance testing is conducted
to ensure the system works to improve business efficiency and employee
productivity. Vendors typically follow a phased implementation approach as per
the organizations desired time frame for implementation, starting from
installation and configuration to testing, training, and going live.
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North
America to account for the largest market size during the forecast period
North
America consists of developed countries, such as the US and Canada. This region
is open to the adoption of new and emerging technologies. Moreover, its strong
financial position enables it to invest heavily in the adoption of the latest
and leading tools and technologies for ensuring effective business operations.
Such advantages help organizations in this region gain a competitive edge.
Key
and emerging market players include Icertis (US), Microsoft (US), Deltek (US),
WeSuite (US), GetAccept (US), Nusii (Spain), iQuoteXpress (US), Sofon
(Netherlands), Tilkee (France), Practice Ignition (Australia), Bidsketch (US),
RFPIO (US), Proposify (Canada), PandaDoc (US), Bidrik (Sweden), Better
Proposals (England), Aarav Software (India), Zbizlink (US), Nibaal (India), and Privia (US). These players
have adopted various strategies to grow in the proposal management software
market.
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